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The release of Union Budget 2008-09 by Finance Minister P Chidambaram on 29 Feb'08 as follows(features and highlights):*Farmers have been granted a package of Rs 60,000-cr*Rs 44 crore for 22 Sainik schools*300 more ITIs to be elevated with an investment of Rs 750 cr*Setting up of 3 new IITs, 16 central universities*Power sector would be given national fund for transmission, distribution reforms*Hike of Rs 12,966 cr from Rs 10,866 cr in NHDP allocation*Govt would now cost Rs 50,000 cr on farm loan waiving*Tea would get Rs 400 mn special support fund*Agri loans would be reconstructed in 2004-06 under special packages to be waived*Tea Research association would be allocated Rs 20 cr*Micro irrigation scheme allocated Rs 500 cr*Agriculture share in total investment would be raised to 16% from 10.2%*Grant for ministry of minorities would be raised to Rs 1,000 cr*Planned schemes for woman to get Rs 11,460 cr this fiscal*Child related schemes would be granted Rs 33,434 cr*288 branches of public sector banks would be set up in 2008*Corporate surcharge tax: unchanged*Indirect tax proposals to incur a loss of Rs 5,000 cr*Direct tax proposals would be revenue neutral*Dividend of subsidiary company will be released from DDT*Banking transaction tax to be exempted*Central sales tax: Reduced to 2%*15% rise in short term capital gains tax*5-yr tax holiday for building hospitals in tier-II, tier III regions*Short-term capital gains rises to 15 pc*Excise duty of Rs 1.35/litre applied on unbranded petrol*Excise duty of Rs 4.6/litre applicable on unbranded diesel*Introduction of Commodities Transactions Tax*Securities Transaction Tax would be considered like deductible expenditure*Star hotels: 2,3,4 star hotels to get 5-yr tax holiday in UNESCO's heritage sites*FBT exempted on creche, employee sports, guest houses facilities*Duty on two wheelers slashed from 16 to 12 pc*Tax slab for Rs 3-5 lakh would be 20 pc*TAX: exemption raised from Rs 1,10,000 to Rs 1,50,000*TAX: Women exemption threshold streched from Rs 1,45,000 to 1,80,000*TAX: Senior citizens' exemption raised from Rs 1,95,000 to 2,25,000*TAX: Corporate income tax unchanged*Hike of duty on non filter cigarettes*Excise duty reduced to 8% on water purification items*Duty taken off on naptha for production of polymers*Refigeration components to get less expensive*Reduction of excise duties on anti-AIDS drugs*Tax-GDP ratio higher at 12.5%*Step down of excise on paper and its products*Reduction of excise duties on buses, chassis*Excise on small cars stepped to 14%*Excise on pharma goods reduced to 14%*General CENVAT rate: dipped from 16% to 14%*5% cut of customs duty on some bulk drugs*Crude sulphur: duties stepped down to 5%*Relieve of duties on coral*Fiscal Deficit & Revenue Deficit: pegged at 3.1% & 1.4%.*Duties on convergence products dipped to 5%*Set top boxes: 100% exemption*COMMONWEALTH GAMES: allocated Rs 624 cr.*Steel melting & aluminum scrap: duties reduced*Peak rate of customs duties unchanged*Sixth central pay commission would submit report by March*Revenue Deficit would be 1.4 % agt Budget Estimate of 1.5%*Planning Commission to assess major schemes*PROTECT TIGER: Rs 50 cr to Natl Tiger Conservation Authority to get Rs 50 cr*Rs 75 cr for ICCR for cultural development*Defence allocation raised by 10% to Rs 1,05,600 cr*PDS to get Rs 32,676 as subsidy*Smart-card based PDS system to come up in Haryana, Chandigarh*PDS to be toned up*Grant of Rs 44 cr to 22 Sainik schools each*Rs 75 cr to given to Agri Ministry to set up soil testing labs in 250 districts*Rs 15,000 cr to be given for a non-profit body for dev programme*Set up a world-class skilled development programme*PAN requirement extended to all securities transactions*Set up bond, derivative market*More clarity in Derivative market*Risk Capital Fund to be established in SIDBI*Allocation of Rs 12,966 cr for National Highway Dev programme*Rs 8,000 cr for accelerated power development programmes*Ultra mega power project to come up at Tilana shortly*NHDP to get Rs 12,956 Cr*Banks would be bucked up to embrace total financial inclusion*Foreign invt: Oil block exploration anticipated to get up to $8 bn*Setting up of Coal regulator*Health Insurance for 17 lakh families of weavers*Approval of State data centres scheme and gets Rs 275 cr*1 lakh broadband-enabled common service centres to be set up in villages*Better allocation of NHDP programme*Power distribution to get Rs 800 cr*Public Sector Bank: Around 288 branches to be opened in districts with minority community concentration.*Manufacturing rate of growth planned to be doubled*RIDF corpus to be raised to Rs 14,000 cr*Education: 20% hike from Rs 28,674 cr to Rs 34,400 cr*Total amount of loans being waived is Rs 50,000 cr*Debt waiver scheme to end up by June 30*Minority Affairs Ministers alloted Rs 1000 cr.*Interest subvention would prove negative for banks*Waiver forms up to 4% of total bank loans*Sensex dipped to 210 points*500 soil testing labs would be established in the country*Marginal,small farmers gets 100% waiver on all loans. Benefit to 4 crore farmers*Farmers would provided with scheme of debt waiver and debt relief*Allocation for NRHM hiked to Rs 12,050 cr*National Horticulture Mission would be allocated Rs 1,100 cr*Rs 50 cr for Weather based crop insurance scheme*Tea Research Association would be given a special grant of Rs 20 cr*Rashtriya Krishi Vikas Yojana would be allocated Rs 2,80,000 cr.*53 minor irrigation programmes would come into action*Coffee, cardamom growing gets more funds*Child specific schemes would be given Rs 34,334 crores*Rs 2.80 lakh cr has been set for agri-credit in 2008-09*Ministry of Woman and Child Development to be alloted Rs 7,200 cr*24% hike in allocation for child development*Border area development gets Rs 500 cr*Anti-Polio drive gets Rs 1,042 cr*Hospital sector likely to gain Interest subvention has been increased in the year 2007-08 *Jawaharlal Nehru Urban Renewal Mission would be alloted Rs 6,865cr*Development of agri-credit has been impressive*Minority Affairs Ministry fund raised to Rs 1,000 cr*Setting up of 288 PSU bank branches in minority districts*Rs 540 cr to be given for the development plan for minority districts*LIC would entail all women SEGs*Rs 200 crore to be given for potable water in schools*Rural health services would be alloted Rs 12,050 cr for its development*Publishing market would gain from education boost*Sanitation programmes would be alloted Rs 1200 cr*More number of minority placements in central para-military forces*Higher Education: more institutions in the 11th plan.*Anganwadi helpers & workers remuneration hiked to Rs 750 & Rs 1,500*National Programme for elderly citizens at Rs. 400 crore*Rajiv Gnadhi Natl Fellowship Programme would be alloted rs 75 cr*Rs 9 cr for Nat Handicap Development Corp*Natl Minorities Development Corp would be alloted Rs 75 cr*Rs. 500 crore for Arunachal and north eastern states*Education spend to be raised by 20% to Rs 34,400 cr*NE region would be granted Rs 1, 350 cr for development*Rajiv Gandhi Drinking Water mission allotment would be raised*NREG scheme to be implemented in 596 districts*National Rural Health Mission allocation raised by 15%*Rs 30,000 health cover allotment for every worker in unorganised sector*Increase of Health allocation to 15% *supply safe drinking water as per Rajiv Gandhi's plan*3 IIScs would be set up in Bhopal and Trivandrum*National Programme for the Elderly to be set up*Secondary education Scheme: Rs 4,554 crore*2 schools would be set up for planning and architecture*Rs 4,554 crore Secondary education Scheme*Rs 100 cr would be given to Ministry of Science and tech for Natl Knowledge Network*All knowledge bodies would be connected through broadband*Rs 85 crore for the setting up of a knowledge society*Scholarships would be given for science and research*Education and Health allocation up 20%*Service Sector to rise at 10.7%*Setting up of 3 IITs in AP, Bihar and Rajasthan*16 central universities would come up*Mid-day meal scheme: for upper primary classes also. Budgetary allocation Rs 8,000 *Navodiya Vidyalayas to start up in 6,0-00 districts*6,000 model high schools to be established*Agricultural growth rate planned at 2.6%*reforms for Education, health remains a major concern*2008-09 would be a year of integration*He remains to be convicted to sustain 8% growth*Effect of global mkts on local mkts is hazy*Govt, RBI will to take a conjoint step to manage capital inflow*Govt to monitor all foreign fund inflow*Govt. to check foreign inflow to stabilise Indian mkts*Rashtriya Krishi Vikas Yojna launched*Food grains overall output is 219.32 mn tonnes*We should remain wakeful for downside risk*Crude oil has seen a step down*Agriculture condition was disatisfactory*Capital inflows proves to be point of consideration against monetary management*Growth rate at 8.8%*Service sector remains the propelling force for Budget